A potential injection of £400m from a new investor could see the Scunthorpe site saved from having to shut down, according to the Sunday Telegraph this weekend - which cites sources close to the proposal.

The tentative deal could set out a plan to overhaul the business, including seeing costs scaled back, and changes to both employee and supplier contracts.

The overhaul could see the fortunes of the site transformed, moving from post losses of £100m for the year, on reported revenues of £1.6bn, to pontentially pulling in £100m in profit in as little as 24 months.